US could run out of cash to pay its bills by June 1, warns Treasury Secretary

The US could run out of cash and default on its debt as early as June 1 if Congress fails to increase or suspend the debt limit, Treasury Secretary Janet Yellen has warned. The debt limit is the total amount of money that US is allowed to borrow. "It's impossible to predict...exact date...Treasury will be unable to pay...bills," Yellen said.